Laptop Battery Prices of oil futures sank to their lowest level in nearly a month yesterday, continuing the selloff sparked last week by rising supplies of crude and easing fears about the refining industry's ability to satisfy heating oil demand.
. Fuel pumps 24th July 2008 Lower oil prices filtering through to pumps Fuel has started to become cheaper, as retailers begin to pass lower crude oil prices on to the consumer. Since 11 July, when it touched $147.27, the price for a barrel of crude has dropped to... Sample shop prices 24th July 2008 Costs force up manufacturers' prices
Thinkpad The downward momentum appeared to overshadow concerns traders had about a possible strike in oil-rich Nigeria and a new setback to Russian oil giant Yukos, which was reportedly hit with $10 billion in new tax claims yesterday.
Fuel has started to become cheaper, as retailers begin to pass lower crude oil prices on to the consumer. Since 11 July, when it touched $147.27, the price for a barrel of crude has dropped to around $124. producing nations, which would reduce the energy demands of manufacturing economies such as China's.
Microsoft December crude futures declined by $1.63, to settle at $50.13 per barrel on the New York Mercantile Exchange -- the lowest closing price since Oct. 4, when futures settled at $49.91 per barrel. In London, December Brent crude futures fell $1.92 to $47.06 per barrel.
the world' exporting countries, particularly OPEC, the Organization of the Petroleum Exporting Countries. The amount of crude oil that these countries produce determines the price per barrel of oil. The next factor that effects gas prices is the cost of refining the crude oil. This makes up about 10% of the total price of gas. The third factor is the cost of transporting the crude oil to a refinery, then the refined gas to a distribution point
Laptop Computers "We could move a couple of bucks more on the downside," Tom Bentz, BNP Paribas Futures trader, said.
Motorists got a bit of relief after oil prices plunged in energy markets' optimistic reaction to the onset of the Iraq war on March 20. The cash or spot prices of a benchmark U.S. crude brand, West Texas Intermediate, stood at $37.87 a barrel on March 12, but by the war's second day, had plunged to $27.18, the EIA said. Gasoline prices followed with a small downward move, with the national average price for regular brands dropping from $1. March to $1.69 at the end of last week.
Laptop Computer Bentz added that worldwide oil supplies remain tight. "I'd be a little cautious" about declaring the beginning of the end of high prices, he said. "The reality is that not a lot has changed fundamentally."
But the end of last week, crude oil prices had climbed to $30.16 a barrel on U.S. markets, and gasoline prices generally follow the direction of oil prices. In trading early today, U.S. light crude rose 13 cents, to $30.29 a barrel.
Desktop Computer Aaron Kildow, a broker with Prudential Financial in New York, said yesterday's slide was magnified by selling among institutional investors, such as mutual funds, who had to cover earlier bets that prices would rise. Kildow also said a burst of warm weather in the Northeast may have influenced market psychology.
Notebooks December heating oil futures plummeted 5.65 cents to $1.4076 per gallon on Nymex, where gasoline futures fell 3.77 cents to $1.2908 per gallon. Natural gas for December delivery dropped 0.5 cent to $8.720 per 1,000 cubic feet.
Lenovo Last week, oil prices fell from record closing prices on Nymex after the Energy Department said crude supplies had increased 4 million barrels to 283.4 million barrels -- about double what Wall Street was expecting. Also, data maintained by the Minerals Management Service showed a significant recovery in industrywide oil and natural gas production in the Gulf of Mexico, where operations have been snagged since mid-September due to Hurricane Ivan.
Hard Drive China's move to cool its red-hot economy by raising interest rates also eased pressure on oil prices.
Travelstar While crude prices are still up by more than 70 percent from a year ago, they would need to surpass $90 per barrel to approximate the all-time high, in inflation-adjusted terms, set in 1980. A record Nymex closing price of $55.17 per barrel was reached Oct. 22 and matched Oct. 26.
Gateway By Brad Foss
Associated Press - 11/2/2004
Topic: Petroleum Industry
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